Stakeholder In-Depth Interviews (IDIs) – We have found through past studies, beginning the market research by talking with key stakeholders is a perfect starting point. It helps all groups buy into ownership of the process and support the market research. It also helps the market research team familiarize itself with the project and its goals in a qualitative and open-discussion format. This is a mutually beneficial first step for both parties. These stakeholders can range from key personnel in the organization, outside the organization, those involved in the local economy or any other stakeholders who may offer credible feedback and play a role in your business’ plans.

Demographic Assessment and Trend Analysis– This involves secondary research and analyzing the market. This also creates your pool or population that you will use for your demand modeling and estimates. Information is collected for the market with regards to population trends, age, consumer expenditures, education and any other relevant demographic statistics that would impact the feasibility of the project.

Quantitative Survey – This is the portion of the market research project where primary data is collected among end-users. The questions are focused on current usage and predicted usage and understanding the impact the new business idea will have on the market. This is the most integral part of the market research feasibility study and many of the questions asked in the survey will serve as the foundation for the demand model and estimates.

Competitive Assessment – The competitive assessment looks at competitors in the market area that will impact your new business. We create an expansive profile of each competitor and use mystery shopping calls and visits to collect the non-publicly available information, which isn’t available on the website. By analyzing competitors, it also helps our clients understand service or product gaps in which they can market themselves in.

Demand Model/Estimates with Recommendations – The final step to a quality market research feasibility study is putting together the first four components and using the findings from each to create a demand model. The demand model will estimate/predict the likelihood and habits of end-users for the new business you are testing. The demand estimates use predictive modeling to offer a rough figure based on the combination of known factors and assumptions.

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